Bush Picks Bernanke As New Fed Chairman
The AP is reporting that President Bush has chosen his new Fed Chairman.
From SF Gate, “President Bush on Monday selected Ben Bernanke, chairman of the president’s Council of Economic Advisers, to replace Alan Greenspan as Fed chairman, according to an administration official.”
“Bernanke, 51, is a former member of the Fed board. He also was a professor at Princeton University and chairman of the economics department. Bernanke and Greenspan differ on whether the Fed should set targets for inflation — Bernanke thinks it should, Greenspan does not — but otherwise they share a similar philosophy. In fact, while he was at the Fed, market observers would often look at Bernanke’s speeches for insight into Greenspan’s thinking.”
The official announcement was made by Bush at 10AM PDT.
<a href="http://www.marketwatch.com/news/yhoo/story.asp?guid={F43DECC6-01E8-4563-A769-A12AFDB21982}&siteid=myyahoo&dist=myyahoo”>CBS Marketwatch also has an article on Bernanke and his likelihood of confirmation.
